RekoDiq is located in the remote northwestern section of the Chagai district, a western desert province of
Balochistan. (Photo: Tethyan Copper Co.)

The World Bank International Centre for
Settlement of Investment Disputes (ICSID)
has awarded $5.84 billion in damages
to Tethyan Copper Co. Pty. Ltd. (TCC),
a joint venture held equally by Barrick
Gold Corp. and Antofagasta plc, in relation
to the arbitration claims filed against
the Islamic Republic of Pakistan. The
claims alleged the government unlawfully
denied a mining lease for the Reko Diq
project in Pakistan in 2011.

Damages include compensation of
$4.087 billion in relation to the fair market
value of the Reko Diq project at the
time the mining lease was denied and
interest until the date of the award of
$1.753 billion. Compound interest continues
to apply at a rate of US Prime +1%
per year until the award is paid.

“After a lengthy and thorough arbitration,
the tribunal has ruled upholding our
rights,” said Barrick President and CEO
Mark Bristow. “Along with our partners at
Antofagasta, we remain willing to engage
with Pakistan to explore the potential for
a negotiated settlement.”

Prior to denial of the mining lease
application, TCC completed a feasibility
study that showed Reko Diq as one of the
world’s largest undeveloped copper and
gold deposits, with a potential mine life
of more than 50 years and an estimated
initial capital investment of more than $3
billion.